Yeomans Toyota Brighton has remarkable finance penetration in new car sales and is also achieving strong results with used car finance.
It takes a proactive approach to contracts nearing their end or renewals and conducts finance agreement health checks to ensure customers are driving the right car for the best available monthly payment. By the end of Q3 last year, Yeomans Toyota in Brighton was top of the Toyota network for 12-month rolling customer retention. It was ranked first in the network for its F&I performance in 2014.
“We tend to look at finance agreements rather like rolling contracts/agreements, a similar ethos to ‘upgrading’ as you would with a new smartphone or ‘swapping’ to ensure the vehicle is meeting both functional or financial requirements,” said John Luck, general manager, Yeomans Toyota Brighton, in his awards entry.
The finance penetration of every sales executive is measured, to ensure they remain within parameters set by management. However, the sales executives are not given targets and commission for sales penetration. Instead, they are paid an administration payment on the basis that all policies or products are correctly set up and customers are completely satisfied with product presentations.
Where performance fails to meet this threshold, additional training is given to ensure products and benefits are being highlighted sufficiently and correctly.
“Strict adherence to our ITC process ensures that we never deviate from treating our customers fairly. Our company’s motto, ‘built on trust’, is based on ensuring all customers are made aware of all options available to them.”
Every customer/prospect is shown examples of new and used car options so they can make an informed buying decision, as well as detailed proposals for additional products such as GAP, paint protection and SMART insurance.